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WRIT Grabs West End Office for $181M

WASHINGTON, DC-WRIT is financing the acquisition of this fully-occupied asset with its line of credit and cash from its most recent equity offering.

By Erika Morphy | Updated on December 04, 2008

WASHINGTON, DC-The Washington Real Estate Investment Trust has closed on its purchase of 2445 M St. for $181 million. The firm entered into a purchase agreement with a private equity firm called Broadway Partners this summer to buy the approximate 290,000-square-foot, West End office.

The property is fully occupied by two high-quality tenants under long-term leases. WRIT assumed a $101.9-million loan with an annual interest rate of 5.619%. The remaining balance was funded through its line of credit and cash from its most recent equity offering. WRIT expects to achieve a first-year, leveraged yield of 6.7% on a cash basis and 7.2% on a GAAP basis, it said.

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